FOR IMMEDIATE RELEASE
Contact: Lance Gideon, Press Secretary
Lance.Gideon@iga.in.gov
317-234-9221
STATEHOUSE (March 13, 2024) – A bill sponsored by State Sen. Brian Buchanan (R-Lebanon) that strengthens the Indiana Public Retirement System (INPRS) was signed into law today by the governor.
House Enrolled Act 1004 allows for a 13th check to be provided to public retirees this year.
It also includes language from Senate Bill 275, which Buchanan authored, to provide a 1% annual cost-of-living adjustment (COLA) for public employees who retire after July 1, 2025 and an annual 13th check for those who retire before this date.
Public retirees who qualify include state police officers, teachers and other state employees.
"INPRS is one of the strongest retirement systems in the country, and House Enrolled Act 1004 makes it even better," Buchanan said. "This new law ensures public retirees will be taken care of and makes INPRS more sustainable for future generations."
The 1% annual COLA for some retirees and 13th check for others is a result of the Interim Study Committee on Pension Management Oversight's work in 2023, which was chaired by Buchanan.
"HEA 1004 is the result of several months of discussion before and during the 2024 legislative session," Buchanan said. "I was pleased to see the General Assembly pass this legislation and am thankful that the governor has now signed it into law."
To learn more about HEA 1004, click here.
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State Sen. Brian Buchanan (R-Lebanon) represents Senate District 7,
which includes Clinton County and portions of Boone, Hendricks, and Montgomery counties.
Click here to download a high-resolution photo.
